External variables, such as a country’s unexpected economic cycles or natural catastrophes, are among the causes over which persons working in the business have little influence, but which have the biggest effect. When economic conditions deteriorate, the hotel business generally suffers as a result of a decrease in discretionary expenditure.
The “why do hospitality businesses do poorly during an economic recession?” is a question that many people ask. The answer to this question is because the economy of the United States has been going through a recession for quite some time now, and it will probably stay there for quite some time as well.
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The hospitality industry has a lot of social factors that can affect its success. These include economic conditions, government regulations, and the changing landscape of society. Reference: social factors affecting hospitality industry.
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